Trades Mixed on Extended Holiday
Asian shares remain mildly bid while across the FX board, regained demand for the US dollar has fizzled the recovery attempts in most majors. The market mood remains cheerful, as investors bet on faster economic recovery after the US jobs data released Friday blew past expectations. Also, US President Joe Biden may use special powers to push his $2.25 trillion infrastructure spending plan through the Senate to back the market optimism. On the contrary, the jump in the COVID cases in China and India weighs on the risks amid a light calendar.
EUR/USD is back under 1.1750 amid the continued surge in COVID cases and restrictions in France, Italy and Germany. GBP/USD trades pressured towards 1.3800 despite the UK completing vaccinations for 10% of its populations. Gold and Oil feels the pull of gravity amid risk-on mood, higher Treasury yields and the greenback.
Thin trading conditions, as most major economies observe Easter Monday, keep the sentiment buoyed starting out a fresh week. Looking forward, US PMI data will be the key to watch.
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